NFT market shows signs of recovery as January trading volumes hit 7-month high — Business d’Or
The NFT market seems to be slowly recovering. According to the Dapp Industry Report: January 2023, trading volume increased for the second month in a row, with January hitting its highest since his June last year. US$662 million, according to reports.
Volume then rebounded in December, rising slightly to $683 million, and in January he increased 38.5% from that figure to $946 million I was.
While many blockchains allow traders to buy and sell NFTs, Ethereum takes the top spot with total revenue of over $36 billion, according to data from NFT aggregator CryptoSlam.
By comparison, Ronin and Solana (his second and third largest blockchain in terms of total NFT revenue) were around $4.2 billion and $3.7 billion respectively.
January was a good month for both Ethereum and Solana, with volumes of $659 million and $85 million respectively.
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February has also shown signs of continued strength, at least so far. As of Feb. 3, the Ethereum blockchain had generated $26.5 million in sales from his over 25,500 unique buyers, according to CryptoSlam data.
Ethereum accounts for the majority of trading volume with over 78% of all transactions on the blockchain, but Polygon had the largest influx of traders in his January, report shows.
Polygon’s trading volume increased 124% from his $20 million in December to his $46 million in January. Over the past week, sales of NFTs on blockchain increased 43.5% to $2.8 million, demonstrating continued interest in blockchain.
In late December, DeGods and y00ts, two of Solana’s major NFT projects, announced that they would be leaving blockchain in 2023, sparking mixed feelings within the community. DeGods has said it will move to Ethereum, and y00ts plans to move to Polygon.
“At the beginning of the year, we noticed that a lot of the attention in the creator economy was focused on ETH and Solana,” Polygon Studios CEO Ryan Wyatt previously told TechCrunch. We decided to go against the trend and focus on the untapped potential of web3 by onboarding big corporate brands, DeFi platforms and gaming companies.
We invested in ecosystem funds and white glove We have successfully achieved this by supporting partnerships.
As large NFT collections like DeGods and y00ts diversify their affiliations to the blockchain, this will encourage other owners looking for new opportunities or seeing value elsewhere. may also attract.
Continued growth over the past few months could also indicate a broader upward trend in the crypto market. It could also help encourage developers and projects to create new use cases in the NFT world as they seek to capitalize on the bull market.
Originally published at https://businessdor.com on February 4, 2023.
